Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 48,677 $ 36,315
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization of property, plant and equipment 22,542 19,724
Provision for bad debt expense 301 265
Other amortization 780 831
Debt issuance cost amortization 1,519 1,990
Debt discount amortization, net of premium amortization 2,441 2,575
Stock - based compensation expense 122 217
Amortization of restricted stock, net of forfeitures 2,465 1,405
Deferred income taxes 13,671 (616)
Equity interest in earnings of investees (227) (366)
Asset impairment charges 34 58
Loss (gain) on disposal of dealerships and property and equipment (5,577) 135
Loss on exit of leased dealerships 1,450 4,417
(Gain) loss on retirement of debt 2,578  
Non-cash adjustments - cash flow swaps (105) 286
Changes in assets and liabilities that relate to operations:    
Receivables 39,245 40,432
Inventories (180,750) 41,589
Other assets (7,269) (5,047)
Notes payable - floor plan - trade 34,126 (40,590)
Trade accounts payable and other liabilities (23,923) 18,808
Total adjustments (96,577) 86,113
Net cash provided by (used in) operating activities (47,900) 122,428
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of land, property and equipment (34,504) (112,661)
Proceeds from sales of property and equipment 660 214
Proceeds from sale of dealerships 23,620 129
Distributions from equity investees 700 600
Net cash provided by (used in) investing activities (9,524) (111,718)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net (repayments) borrowings on notes payable floor plan - non-trade 88,324 (74,672)
Borrowings on revolving credit facilities 105,246 164,487
Repayments on revolving credit facilities (105,246) (164,487)
Proceeds from issuance of long-term debt 10,700 53,950
Principal payments on long-term debt (5,162) (4,212)
Repurchase of debt securities (29,995)  
Purchases of treasury stock (1,830) (3,902)
Income tax benefit (expense) associated with stock compensation plans 1,573 663
Issuance of shares under stock compensation plans 482 336
Dividends paid (2,673) (2,644)
Net cash provided by (used in) financing activities 61,419 (30,481)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 3,995 (19,771)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 1,913 21,842
CASH AND CASH EQUIVALENTS, END OF YEAR 5,908 2,071
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Change in fair value of cash flow hedging instruments (net of tax expense of $22 and tax benefit of $632 in the six-month periods ended June 30, 2012 and 2011, respectively) 39 (1,031)
Cash paid (received) during the year for:    
Interest, including amount capitalized 40,408 44,791
Income taxes $ 24,755 $ 6,874